Mortgage Blog

Tips for purchasing a condo with a Pa Mortgage

Some of the pros in purchasing a condo are the maintenance issues. If you hate mowing the lawn or fixing things, you’ll find that if you purchase a condo a lot of the maintenance is done for you.

There are also features such as swimming pools, tennis courts, gyms, etc. that also have valued added to purchasing a condo.

Typically the cost of a new condo may be a fraction of the cost of a new single-family home.

There are also many rules and regulations for condos, that some would see as benefits, gated communities, identification required upon arrival. These are all safety issues that may be a huge benefit to you.

Some of the cons are limited ownership. If you wanted to have a lot of land or a swing set in the backyard, a condo may not be for you. You don’t have the freedom to put up your own outdoor decorations in your yard as if you owned a house. Noise can also be a real negative. Sine your unit is more than likely connected to another unit you may hear noise like music from then neighbors.

Homeowners association fees can be listed as a pro or con, depending on which way you see them. They pay for those maintenance items above that were defined as a “pro.” Of course you will not like paying them monthly. Many mortgage companies will allow you to escrow them which means they will be combine with your monthly mortgage payment.

As far as rules, each condo community has their own. Some are stricter than others. There could be rules such as no bikes in the garage. You’ll have to ask to read them so you don’t have any surprises later.